The logo is reflected through the windows of the Barclays headquarters in Canary Wharf, London, UK
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LONDON – Barclays reported first-quarter shareholder net profit of 1.55 billion pounds ($1.93 billion) on Thursday, beating expectations as the British bank turned a profit amid a major strategic overhaul.
Analysts polled by Reuters had expected shareholder net profit of 1.29 billion pounds in the quarter, according to London Stock Exchange Group data.
Net profit in the first quarter of 2023 was US$1.78 billion.
Barclays reported a net loss of 111 million pounds in the fourth quarter of 2023 due to an operational restructuring aimed at reducing costs and improving efficiency.
This includes a £900m hit from structural cost-cutting measures, which the bank said it expects will result in total cost savings of around £500m in 2024, with a payback period of less than two years.
The reorganization reorganized the business into five operating units, separating the corporate and investment banks, consisting of: Barclays UK, Barclays UK Corporate Banking, Barclays Private Banking and Wealth Management, Barclays Investment Banking and Barclays US Consumer Banking .
The bank has also pledged to return 10 billion pounds to shareholders through dividends and share buybacks between 2024 and 2026.
This is breaking news. Please check back for updates.
—CNBC’s Elliott Smith contributed to this report.
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